If you take a look at coinmarketcap today, you will get a surprise, an iota of a surprise! A new cryptocurrency by the name of IOTA is in the Top 10, and ranking quite high at position 6!
IOTA trading launched on Bitfinex on June 13th, 2017 and directly hit $1.5 Billion Market Cap.
“Exchange listing is something that has become a hallmark for all crypto projects, it represents that the technology is ready for the open market and the wider audience.” Says IOTA founder David Sønstebø in conversation with CCN.
What is IOTA?
Iota is a new micro-transaction cryptotoken optimized for the Internet-of-Things (IoT). Unlike the complex and heavy blockchains of Bitcoin and the like, which were designed with other uses in mind, IOTA is created to be as lightweight as possible, hence the name "IOTA" with emphasis on the ‘IoT’ part.
Now IOTA claims to be a new and radical cryptocurrency optimized for the internet of things, hence the reference to IoT in the name. IOTA still retain the core principle ideas of the distributed consensus blockchain, but in order to be able to scale to the size of the coming Internet-of-Things ecosystem, with tens of billions of devices that are connected to each other, it needed to be very lightweight and efficient. This problem is solved by Iota’s core innovation: the tangle.
I am not that sure about the tech behind it, but it is clear since it's launch it managed to capture the coins of lots of people, thus the insane market cap after one day of being listed!
To find out more about it you, go to IOTA!
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